At the End of the Waterfall – Resolvability of Central Counterparties-Reference-Cited by-同舟云学术

At the End of the Waterfall – Resolvability of Central Counterparties

Published:2021-10-01 Issue:4 Volume:54 Page:505-531
ISSN:2199-1235
Container-title:Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 4
language:en
Short-container-title:Credit and Capital Markets – Kredit und Kapital

Author:

Gárdos Péter

Abstract

After the prudential requirements introduced by EMIR in 2012, the European Union took a further step when it adopted a regulation in 2021 on the framework for the recovery and resolution of central counterparties. The regulation is based on the bank recovery and resolution directive of 2014. This paper provides a critical overview of the new regulation by focusing on the question of whether the bank resolution tools are useful and effective in the case of central counterparty resolutions.

Publisher

Duncker & Humblot GmbH

Subject

Law,Economics, Econometrics and Finance (miscellaneous),Business, Management and Accounting (miscellaneous)

Reference65 articles.

1. A Path Forward for CCP Resilience, Recovery, and Resolution (updated March 2020), https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/news/a-path-forward-for-ccp-resilience-recovery-and-resolution/pdf-0.pdf.

2. Armour, J. (2015): Making Bank Resolution Credible. In: Moloney, N./Ferran, E./Payne, J. (eds): The Oxford Handbook of Financial Regulation (Oxford).

3. Armour, J./Awrey, D./Davies, P./Enriques, L./Gordon, J. N./Mayer, C./Payne, J. (2016): Principles of Financial Regulation (Oxford).

4. Arora, N./Gandhi, P./Longstaff, F. A. (2012): Counterparty credit risk and the credit default swap market, Journal of Financial Economics, Vol. 103(2), 280–293.

5. Baker, C. M. (2021): Clearinghouse Shareholders and “No Creditor Worse Off Than in Liquidation” Claims, Transactions: The Tennessee Journal of Business Law, Vol. 22(2), 335–365.